November 2018 Framingham Rent Report

Welcome to the November 2018 Framingham Rent Report. Framingham rents declined over the past month. In this report, we'll evaluate trends in the Framingham rental market, including comparisons to cities throughout the metro, state, and nation.

November 2018 Framingham Rent Report

Welcome to the November 2018 Framingham Rent Report. Framingham rents declined over the past month. In this report, we'll evaluate trends in the Framingham rental market, including comparisons to cities throughout the metro, state, and nation.

Framingham rents declined moderately over the past month

Framingham rents have declined 0.3% over the past month, but are up marginally by 0.8% in comparison to the same time last year. Currently, median rents in Framingham stand at $1,520 for a one-bedroom apartment and $1,880 for a two-bedroom. Framingham's year-over-year rent growth lags the state average of 2.1%, as well as the national average of 1.1%.

Rents rising across the Boston Metro

Throughout the past year, rent increases have been occurring not just in the city of Framingham, but across the entire metro. Of the largest 10 cities that we have data for in the Boston metro, all of them have seen prices rise. Here's a look at how rents compare across some of the largest cities in the metro.

Newton has the most expensive rents in the Boston metro, with a two-bedroom median of $2,400; the city has also seen rent growth of 5.9% over the past year, the fastest in the metro.

Over the past month, Lowell has seen the biggest rent drop in the metro, with a decline of 0.4%. Median two-bedrooms there cost $1,530, while one-bedrooms go for $1,240.

Haverhill has the least expensive rents in the Boston metro, with a two-bedroom median of $1,530; rents fell 0.2% over the past month but rose 4.0% over the past year.

Many large cities nationwide show more affordable rents compared to Framingham

As rents have increased marginally in Framingham, large cities nationwide have seen rents grow more quickly. Compared to most large cities across the country, Framingham is less affordable for renters.

Framingham's median two-bedroom rent of $1,880 is above the national average of $1,180. Nationwide, rents have grown by 1.1% over the past year compared to the 0.8% rise in Framingham.

While Framingham's rents rose marginally over the past year, some cities nationwide saw decreases, including Baltimore (-1.6%) and Seattle (-1.3%).

Renters will generally find more expensive prices in Framingham than most large cities. For example, Philadelphia has a median 2BR rent of $1,170, where Framingham is more than one-and-a-half times that price.

For more information check out our
national report.
You can also access our full data for cities and counties across the U.S. at
this link.

City

Median 1BR price

Median 2BR price

M/M price change

Y/Y price change

Boston

$1,690

$2,100

-0.3%

0.9%

Lowell

$1,240

$1,530

-0.4%

1.9%

Cambridge

$1,820

$2,250

-0.2%

2.2%

Brockton

$1,340

$1,660

-0.2%

1.9%

Quincy

$1,500

$1,870

-0.3%

0.5%

Newton

$1,930

$2,400

4.6%

5.9%

Lawrence

$1,360

$1,690

0.2%

1.5%

Somerville

$1,690

$2,100

0.0%

2.9%

Framingham

$1,520

$1,880

-0.3%

0.8%

Haverhill

$1,230

$1,530

-0.2%

4.0%

Waltham

$1,710

$2,120

-0.2%

3.5%

Malden

$1,470

$1,830

0.8%

4.9%

Brookline

$2,100

$2,610

1.7%

0.5%

Medford

$1,740

$2,160

-1.0%

1.8%

Revere

$1,450

$1,800

-0.8%

0.2%

Peabody

$1,500

$1,860

2.3%

5.5%

Marlborough

$1,260

$1,580

0.4%

5.5%

Woburn

$1,610

$2,000

1.2%

5.4%

Chelsea

$1,540

$1,910

-0.5%

2.7%

See more

Methodology - Recent Updates:

Data from private listing sites, including our own, tends to skew toward luxury apartments, which introduces sample bias when estimates are calculated directly from these listings. To address these limitations, we’ve recently made major updates to our methodology, which we believe have greatly improved the accuracy and reliability of our estimates.

Read more about our new methodology below, or see a more detailed post here.

Methodology:

Apartment List is committed to making our rent estimates the best and most accurate available. To do this, we start with reliable median rent statistics from the Census Bureau, then extrapolate them forward to the current month using a growth rate calculated from our listing data. In doing so, we use a same-unit analysis similar to Case-Shiller’s approach, comparing only units that are available across both time periods to provide an accurate picture of rent growth in cities across the country.

Our approach corrects for the sample bias inherent in other private sources, producing results that are much closer to statistics published by the Census Bureau and HUD. Our methodology also allows us to construct a picture of rent growth over an extended period of time, with estimates that are updated each month.

About Rent Reports:

Apartment List publishes monthly reports on rental trends for hundreds of cities across the U.S. We intend these reports to be a source of reliable information that help renters and policymakers make sound decisions, and we invest significant time and effort in gathering and analyzing rent data. Our work is covered regularly by journalists across the country.

We are continuously working to improve our methodology and data, with the goal of providing renters with the information that they need to make the best decisions.